India's PVR Cinemas buys out Cinemax

Indian exhibitor PVR Cinemas has acquired a 69.27% stake in rival Cinemax to create India’s largest cinema chain.

PVR acquired the stake from Cinemax founders, the Kanakia family, for $71.7m (Rs3.94bn). The Delhi-based exhibitor will also purchase up to an additional 26% stake in Cinemax from public shareholders through an open offer.

Indian multiplex operators are currently undergoing a period of consolidation. In June this year, Inox Leisure bought a controlling stake in Fame India, which had also been an acquisition target of Big Cinemas parent, Reliance MediaWorks.

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